GC Rieber Shipping - Earnings Release 2021

GC Rieber Shipping: Second quarter results 2021 and proposed additional dividend

GC Rieber Shipping's reported operating income of NOK 23.6 million in the second

quarter 2021, compared with NOK 78.5 million in the corresponding period of

2020. EBITDA was negative NOK 38.1 million, compared with an EBITDA of NOK 37.6

million in the second quarter of 2020. The reduction of EBITDA is mainly due to

the reduction of the Subsea & Renewables fleet size from three to one vessel.

GC Rieber Shipping had a net loss of NOK 52.7 million in the second quarter of

2021. Net loss in the second quarter of 2020 was NOK 121.3 million including an

impairment of the Subsea & Renewables fleet with NOK 128.7 million.

Following the sale of Shearwater shares announced on 9 July 2021 with gross

proceeds of USD 50.5 million, GC Rieber Shipping's cash position is strong. The

Board of Directors has proposed an additional dividend of NOK 1.23,

corresponding to NOK 106 million, in the second half-year of 2021.

"Throughout the second quarter, the markets where GC Rieber Shipping operates

were stable. In June, the 15-year docking of Polar Pevek was successfully

performed and Polar Onyx performed transit and yard stay to prepare for its new

contract. The sale of Shearwater shares in July, together with the latest

amendment to the company`s credit facility, have improved our dividend and

investment capacity significantly", Einar Ytredal, CEO of GC Rieber Shipping

said. "Going forward, focus is on securing further utilization for Polar Onyx,

as well as identifying new profitable investment projects".

Please find the report and presentation for the second quarter and first half

-year 2021 enclosed.

Contact information:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184

Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47?479 02 919

About GC Rieber Shipping:

GC Rieber Shipping is a shipowner and project-house with focus on developing

profitable and sustainable maritime projects.

Further information about the company, please go to www.gcrieber-shipping.com.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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